The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
It has decided not to levy the 2 per cent tax deducted at source (TDS) on cash payments above Rs 1 crore made through Agricultural Produce Market Committees.
This should augur well for the rabi crops as delayed withdrawal will leave enough moisture in the soil for early sowing.
Farmers should be encouraged into crops needing less of water, while ensuring a market for what they sow, said ICAR's head.
The collections stood at Rs 98,202 crore in the month, against Rs 1.02 trillion in July. The figures indicate continuation of economic slow down which was reflected in the gross domestic product (GDP) growth which plummeted to a 25-quarter low of 5 per cent in the first quarter of 2019-20, experts said.
The subsidy will be credited to bank accounts of farmers against cane price dues and are compliant with WTO norms. This will benefit millions of farmers in Uttar Pradesh, Maharashtra and Karnataka.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
The slowdown in sowing is mainly because of the delayed onset of the southwest monsoon and its slow progress in June.
Sources in the Fifteenth Finance Commission said that they will implement the provisions after the bill is enacted and the President makes a reference to it.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
However, the areas under paddy - the biggest cereal grown during the kharif season - continue to be less than last year, mainly due to delayed onset of rains and also on account of shift towards the more lucrative maize.
Recent data from market analytics firm Nielsen shows that the rural market in the country's 630,000-odd villages is pulling down the overall FMCG business.
Officials said good rain in August - though it might not improve acreages much for most crops except urad, moong, and paddy - would help in improving yields in the crops already planted.
According to data compiled by the World Bank, the UK's economy grew to $2.82 trillion and the French economy expanded to $2.78 trillion in 2018, against India's $2.73 trillion, showed the data.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
Low rain coupled with the fact that maize prices in the open market have surged from around Rs 15-16 a kg to almost Rs 25 this year have forced farmers to turn to this crop.
With less than five months left for the report of the Fifteenth Finance Commission to be submitted, its chairman N K Singh said the report will have fiscal road map for states, depending on their current situation.
Till July 26, kharif crops have been sown in around 68.87 million hectares, which is 6.43 per cent lower than the area covered during the same period last year.
However, the World Bank has projected India's GDP growth rate at 7.5 per cent for the next three financial years, including the current one.
The high-level panel also asked the government to work towards re-orienting subsidies in a targeted manner from the crop sector to the non-crop sector and redesign the electronic National Agriculture Market.
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